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Portfolio Gold Mine and Your 2020 Income Taxes

Did you know your stock market portfolio can be a “little goldmine of opportunities?” It can through the tax code’s offset game, including these basic rules: Avoid high taxes (up to 40.8%) on short-term capital gains and ordinary income, or Lower taxes to zero, or at least to 23.8% or less, by making profits subject… Read More

Last-Minute Tax Deductions

The purpose of this post is to get the IRS to owe you money. Of course, the IRS is not likely to cut you a check for this money (although in the right circumstances, that will happen), but you’ll realize the cash when you pay less in taxes. Here are seven powerful business tax deduction… Read More

Balancing Your Tax Plan Post-Election

Whether you have been glued to your screen during the election process or decided to shut it off and tune it out, the 2020 Presidential election’s outcome affects EVERYTHING. Including your tax plan. Although Biden is the president-elect, the results of which party controls the Senate won’t be finalized until 2021. History dictates that new… Read More

8 Year-End Tax Planning Tips for Small Businesses

You still have time to make some tax moves before the year-end. Here’s a list of eight things we think are right for you. Claim bonus depreciation for 2020 asset additions, QIP expenditures, and for heavy SUV, pickup, or van Cash in on large Section 179 deduction rules Time income and deductions for tax savings… Read More

Employees Working and Living in Separate States?

Now is the time to prepare for how COVID-19 could impact your state tax payments come tax-return time. The tax nexus is based on where employees physically perform services (though other factors may apply). Some smaller companies may not want to — or simply cannot afford to — pay for a full nexus study to… Read More

Navigate to a Safe Harbor with Your PPP Loan

Congratulations! You’ve been approved for your Small Business Administration (SBA) Paycheck Protection Program (PPP) loan. This can be a big benefit for your business as you consider next steps. Be aware, the amount you received will be reduced by any Economic Injury Disaster Loan (EIDL) grants you also received. While most business owners are looking… Read More

6 Unprecedented Tax Breaks Lesson Your Burden

It Was the Best of Times. It Was the Worst of Times. Well, maybe not the “best of times.” But COVID-19 has created some tax benefits that we may not see again for a while. Typically, we do not consider current-year tax strategies during the month of June. But, what is typical these days? Government legislation has… Read More

Here Goes Round Two of the SBA’s PPP Loans

Round One Was a Knockout. Here Goes Round Two of the SBA’s PPP Loans. If you are self-employed with no employees, don’t throw in the towel on government loans. You need to enter the ring NOW to apply for this loan and its forgiveness (think free money). Here’s what you need to know: If you… Read More

Tax Updates for Individuals and Business Owners

There have been many tax updates over the past week for individuals, as well as business owners. I’m covering much of that on this page, with links to relevant resources. Reach out to me if you have questions about this information. View the COVID-19 Guide that provides a snapshot of scenarios and benefits available to employees, individuals,… Read More

IRS Claims People First

The Internal Revenue Service’s (IRS) new initiative, “People First,” includes new measures in dealing with the fallout of the coronavirus public health emergency. Here are the latest updates on how the IRS is giving taxpayers some breathing room. Installment Agreements: Payments due on existing installment agreements are suspended from April 1 to July 15, 2020. But,… Read More